Polyurea Market Size, Share & Trends Analysis Report By Raw Material (Aromatic, Aliphatic), By Product (Coating, Lining, Adhesives & Sealants), By Application (Construction, Industrial), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global polyurea market size was valued at USD 853.28 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. This is due to the use of polyurea in a wide number of construction applications, which include containment liners, waterproofing membranes, and flooring systems. Polyurea coatings offer high standards of corrosion protection, abrasion resistance, waterproofing, chemical and atmospheric resistance, and structural enhancement. Moreover, these products exhibit superior characteristics in spray applications such as high thermal, mechanical, and chemical resistance, short setting and curing time, absence of solvents, hydrolysis stability, and water insensitivity along with a high degree of adherence as compared to their substitutes. The growth of these end-use industries is expected to propel the growth of the coatings market over the forecast period.

To cater to the increasing growth in the automotive industry, polyurea plastics are being utilized for providing rust prevention and UV resistance. Polyurea is increasingly being used to substitute metal fasteners in automobiles to reduce overall car weight by around 15%, leading to a reduction in carbon emissions. The aforementioned trends are expected to promote the application of polyurea in the automotive and construction industries.

Increasing requirements for coating solutions with specifications such as enhanced service life, improved corrosion resistance, and providing good thermal stability on account of the rising importance of condition-based monitoring over breakdown maintenance in manufacturing industries is expected to further fuel market growth.

Major players are continuously working on developing polyurea components owing to the rising demand for lightweight vehicles and construction activities in global economies. For instance, in February 2022, PPG Industries announced a US$10 million investment in a cutting-edge 82,000-square-foot manufacturing facility and class-A paint line at its coatings services plant in Greenville, South Carolina.

Raw Material Insights

The aromatic segment dominated the global polyurea market and accounted for more than 67.0% of the total market share, in terms of revenue, in 2022. These raw materials are capable of providing good physical properties and easy processability. Hence, aromatic systems are coated with aliphatic topcoats for desired color stability on exposure to UV light.

On account of exhibiting excellent flexibility characteristics, aromatics-based polyurea compounds are expected to find applications in the construction and manufacturing sectors of developed countries, including Germany, the UK, and Spain.

Factors such as suitable demographics for production and an increase in population are expected to drive the polyurea market globally in the construction industry. Moreover, polyurea is used for vacuum construction and pipes and fittings due to its excellent mechanical strength and lightweight. Products made using polyurea are corrosion resistant and more durable than polyvinyl chloride (PVC) and it is therefore used to manufacture waste collector products. These advantageous properties are anticipated to augment demand for aromatic compounds in the polyurea market.

Product Insights

Coatings dominated the product segment in the global polyurea market and accounted for more than 66.0% of the total market share, in terms of revenue, in 2022. The rising importance of coatings as a surface protection medium in the automotive, aerospace, civil construction, and oil & gas sectors is anticipated to have a positive impact on the polyurea industry. However, the high market visibility of other coating formulations including acrylic, epoxy, and polyurethane is expected to restrict the application of polyurea over the forecast period.

Additionally, increasing construction spending in China and India owing to regulatory support aimed at infrastructure improvement at the domestic level is expected to fuel polyurea demand in the near future. Furthermore, the robust presence of automotive manufacturing units in the U.S. and Mexico is expected to fuel polyurea coatings demand.

Application Insights

Construction dominated the application segment in the global polyurea market and accounted for more than 43.0% of the total market share, in terms of revenue, in 2022. Polyurea finds application as a coating and sealant in commercial buildings, residential structures, and infrastructure projects.

In addition, these products also find application as containment solutions and landfill covers in infrastructure projects. High reactivity and relative moisture insensitivity associated with polyurea are expected to promote product usage in the requirement of large surface areas, including secondary containment, manhole & tunnel coatings, and tank liners. High penetration of residential buildings in the U.S. is expected to have a positive impact on the coatings market over the forecast period. The recovery after the pandemic recession in 2020 has played an important role in driving the growth of the U.S. construction industry.

Regional Insights

North America dominated the polyurea market in 2022 and accounted for more than 40.5% of the overall market revenue share. The high penetration of buildings for residential purposes in the U.S. is expected to have a positive impact on the coatings market over the forecast period.

Furthermore, improvements in the shale gas industry of the U.S. and Canada on account of increasing expenditure on hydraulic fracturing are expected to fuel polyurea demand as coatings and lining systems over the forecast period. However, the sluggish growth in manufacturing sectors of developed countries, including Canada and Mexico, on account of increasing utility expenditure, is expected to reduce polyurea consumption in the form of sealants and coatings.

Asia Pacific accounted for a revenue share of 28.3% in 2022, owing to the robust presence of automobile manufacturing facilities in China, India, Japan, and South Korea, in light of easy access to consumables, which is expected to have a positive impact. Additionally, high market visibility for conventional coatings, including epoxy in China, in light of the increased number of local manufacturing units, is expected to reduce the application of polyurea coatings over the forecast period.

Key Companies & Market Share Insights

The key players operating in the polyurea market include BASF; W.R. Grace; SWD Polyurethane; Specialty Products Inc.; LINE-X Protective Coatings; Nukote Coating Systems International; VersaFlex Inc. Nukote Coating Systems, PPG Industries; and others, along with the presence of a few medium and small regional players. Major players are continuously working on developing polymers for the production of polyurea, owing to the rising demand for polyurea components from the construction and coatings industry.

A majority of the global companies are expected to increase their polymer offerings to Asia Pacific, Central & South America, and the Middle East & Africa, owing to high market growth potential in these regions given the expansion of the ABS market. Some of the prominent players operating in the global polyurea market are:

• BASF SE

• Huntsman Corporation

• Bayer AG

• PPG Industries

• Dow Chemical

• Specialty Products, Inc.

• Versa Flex, Inc.

• SWD Urethane

• Alberts Spray Solutions, LLC

• W.R. Grace & Co.

• LINE-X Protective Coatings

• Nukote Coating Systems International

Polyurea Market Report Scope

Global Polyurea Market Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global polyurea market report based on raw material, product, application, and region:

• Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Aromatic

  • Aliphatic

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Coating

  • Lining

  • Adhesives & Sealants

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Construction

  • Industrial

  • Transportation

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • GCC Countries

    • South Africa